Mises Daily
Author:
Predrag Rajsic
Online Publish Date:
Utility is the importance that we attach to things. We make choices on the basis of this importance. Indeed, in economic terms, “utility,” “importance,” and “value” are synonyms. We choose what is more important to us and give up what is less important. Utility is subjective. Carl Menger (1840–1921) is the father of this subjective theory of